| Financing refers to the behavior and process of fund raising.Enterprises need to raise funds from corporate investors and creditors according to their own production and operation conditions and future business development needs to meet the company's scale expansion and production needs.How to raise funds scientifically,reduce risks under the premise of meeting the needs of funds,and ensure the economic benefits of companies,investors and creditors is a difficult problem.Under the macroeconomic background of deleveraging,since 2016,many companies experienced debt defaults,capital chain breaks and even bankruptcies.More than 70% of these companies are private enterprises.China Huishan Dairy Holdings Co.,Ltd.is a private enterprise located in the Northeast and listed on the Hong Kong Stock Exchange on September 27,2013.On March 24,2017,Huishan Dairy's share price fell by 85%,followed by debt defaults,and the company entered bankruptcy and reorganization.Through in-depth understanding,Huishan Dairy began to develop the “whole industry chain” business model in 2011,and the demand for funds is huge.What are the reasons for the financing problems such as debt default in Huishan Dairy? Is it directly or indirectly related to the development of the whole industry chain business model? Is there a commonality with the large-scale emergence of capital problems in private enterprises? It is a question worth studying.The thesis analyzes and evaluates the problems in the financing of Huishan Dairy under the whole industry chain model,and summarizes the references that other private enterprises can learn from.The thesis uses the research method of case analysis.The theoretical part elaborates the related concepts of financing,financing methods,financing related theories,and the concept definition and implementation of the whole industry chain.The case analysis part first introduces the history,ownership structure,business scope and financial status of Huishan Dairy Company.It introduces concretely the construction process of the two whole industrial chains in Northeast China and East China,the main financing situation of Huishan Dairy and the problems faced at the present stage.Secondly,the financing problem of Huishan Dairy Industry is analyzed from various angles,including the motivation of the whole industry chain construction and capital demand,the composition and quality of capital,the quality of capital structure and the strategy of capital introduction.Through the analysis,it is found that the debt repayment pressure is too high and the long-term borrowing is difficult;the cost of capital does not match the investment benefit;the development of the company is too radical and there is a phenomenon of "short-term loan and long-term investment".The term structure of capital is not in harmony with the asset structure;the control right is too centralized and the risk of large shareholders manipulation is high.These situations are all possible causes of financial risks.Finally,combined with the case analysis,the enlightenment for all parties to refer to is put forward.It is suggested that private enterprises should pay attention to the control of financial risk and the matching of capital cost and investment benefit when building the whole industry chain;It also gives some enlightenment for creditors and investors to carry out debtor certification,feasibility study,real-time monitoring and timely withdrawal;It also puts forward the Enlightenment of strengthening supervision to government departments and giving more attention and support to private enterprises. |
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